LAVAL, QUEBEC--(Marketwire -01/12/12)- Warnex Inc. (TSX: WNX.TO - News) ("Warnex" or the "Company") announces that the Toronto Stock Exchange ("TSX") has determined, further to its TSX Bulletin 2011-1599 dated December 13, 2011, to delist the Common Shares of Warnex within 30 days due to the Company's failure to meet the continued listing requirements of the TSX. The delisting is expected to occur at the close of market on February 13, 2012.
The Company is actively exploring ways to maintain the value and liquidity of its Common Shares, including seeking a listing of its Common Shares on an alternative exchange. Further details in this regard will be provided by the Company in due course.
Over the past few months, the Company has undertaken several transactions in order to reduce long-term debt and improve its balance sheet including, as announced on December 20, 2011, the sale of its Analytical Services division, the closing of which is now expected to occur early in the first quarter of 2012. As part of its ongoing strategic plan, the Company will continue to explore additional opportunities aimed at maximizing its value for the benefit of all of its stakeholders.
Warnex (www.warnex.ca) is a life sciences company whose operations, following the pending sale of its Analytical Services division, are focused on bioequivalence and bioavailability studies for clinical trials at its facility located in Laval, Quebec.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release are forward-looking and are subject to numerous risks and uncertainties, known and unknown, including the risk that Warnex will be unable to obtain a listing of its Common Shares on an alternative exchange and the risk that the closing of the sale of the Analytical Services division might not occur. For further information identifying known risks and uncertainties, relating to financial resources, liquidity risk, key customers and business partners, credit risk, foreign currency risk, government regulations, laboratory facilities, volatility of share price, employees, suppliers, and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Warnex's most recent Management's Discussion and Analysis, which can be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.